CAPE GIRARDEAU, MO – The Southeast Missouri State University Board of Governors today approved a $146.3 million budget for fiscal year 2023, which begins July 1.

 As the cost of doing business rises for most organizations, Southeast projects an increase of $4.2 million in costs for the coming year on items such as utilities, insurance, employee benefits and software.

The University anticipates a 2.75 percent increase to healthcare insurance costs in the fiscal year. The budget also funds the final phase of a salary equity study that found 45 percent of Southeast positions were below the current market rate. Work began in 2020 to bring all employees to the minimum of their new salary range. In addition to funding the salary study, a 3.5 percent merit pay increase for employees was included in the budget. The University also continues its multi-year increases to student and temporary employee wages. 

The FY23 Education and General (E&G) budget, which supports academic instruction and general operations, totals $110 million. The Board approved the operating budgets for the University’s auxiliary units, totaling $29.5 million. Auxiliary units are those areas that generate revenue to account for expenses such as the Student Recreation Center, the Show Me Center and Residence Life among others. The remaining $6.8 million are fund revenues designated for specific purposes or services, such as student fees.

For more information, contact:

Marketing and Communications
(573) 651-2459
news@semo.edu